Shinplaster

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Shinplaster was paper money of low denomination, typically less than one dollar, circulating widely in the economies of the 19th century where there was a shortage of circulating coinage.^{[clarification needed]} The shortage of circulating coins was primarily due to the intrinsic value of metal rising above the value of the coin itself. People became incentivized to take coins out of circulation and melt them for the true intrinsic value. This left no medium of exchange for the purchase of basic consumer goods such as milk and newspapers. To fill this gap, banks issued low-denomination paper currency.